Electric aircraft market growth steady at 4.17% to 2023
The electric aircraft market is projected to grow from an estimated $99.3 million in 2018 to $121.8 million by 2023, at a CAGR of 4.17%. The lower cost of ownership of electric aircraft and advantages of electric aircraft over traditional aircraft are key factors driving the growth of the market, according to research presented by ReportsnReports.com in its report, "Electric Aircraft Market by Aircraft Type (Ultralight Aircraft, Light Jet), Component (Battery, Electric Motor), Technology (Hybrid and All Electric), Range (Less than 500 Km and More than 500 Km), and Region - Global Forecast to 2023."
Key players profiled in the electric aircraft market report are Zunum Aero (U.S.), Yuneec International (China), PC Aero (Germany), Pipistrel (Italy), Eviation Aircraft (Israel), Lilium (Germany), Schempp-Hirth (Germany), Volta-Volaré (U.S.), Bye Aerospace (U.S.), and Electric Aircraft Corporation (U.S.). Innovators of different types of electric aircraft include DeLorean Aerospace (U.S.), Joby Aviation (U.S.), Siemens (Germany), and Evektor (Czech Republic).
The electric aircraft market is segmented into ultralight aircraft and light jet. The ultralight aircraft segment is expected to lead the electric aircraft market in 2018. The ownership of ultralight aircraft is cost-effective due to the simplistic design and construction of these aircraft. With the increase in fuel prices, the demand for ultralight aircraft is expected to increase for training purposes.
Products offered by companies operating in the electric aircraft market are listed in the report. The recent developments section of the report provides information on strategies adopted by companies between November 2011 and October 2018 to strengthen their positions in the electric aircraft market.
The significant investment incurred in development of electric aircraft is a major factor restraining growth of the market worldwide. Significant investments are required at different stages of the value chain of the electric aircraft industry (particularly in the R&D, manufacturing, system integration, and assembly stages).
Europe is projected to account for the largest share of the market in 2018.This region is highly fragmented with a large number of electric aircraft manufacturers. The aircraft and associated component industry in Europe is aiming to use new advanced materials such as gamma-titanium aluminides and single crystals, which have improved mechanical properties. These advanced engines help aircraft reduce fuel consumption, carbon emissions, and noise pollution.
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